5EAPrescribed periodic deduction for veterans (Act s 72AC)

#### 5EA Prescribed periodic deduction for veterans (Act s 72AC) (1) For paragraph 72AC (2) (c) of the Act, the prescribed periodic deduction is the lesser of: (a) 3 times the minimum rate for the pension period; and (b) the amount of the enforceable maintenance liability payable for the pension period. (2) For paragraph 72AC (2) (d) of the Act, the prescribed periodic deduction is the lesser of: (a) 3 times the minimum rate for the pension period less any amount to be deducted from the payer’s veterans’ pension or allowance under paragraph 72AC (2) (c) of the Act; and (b) the amount of the debt that has not been paid. (3) In this regulation: > minimum annual rate of child support means the amount > set out in subsection 66 (5) of the Assessment Act as if > that amount applied to a calendar year in which a periodic deduction is made. > minimum rate, for a pension period in a calendar year, means the amount worked out using the following steps: Step 1: Divide the minimum annual rate of child support by 365.25. Step 2: Round the amount worked out in Step 1 to 5 decimal places by increasing the fifth decimal place by 1 if the sixth decimal place is 5 or more. Step 3: Multiply the amount worked out in Step 2 by the number of days in the pension period. Step 4: Round the amount worked out in Step 3 to the nearest cent by increasing the second decimal place by 1 if the third decimal place is 5 or more. > pension period has the same meaning as in section 5Q of the Veterans’ Entitlements Act 1986.